Finance Changes Post Brexit

Well this is the first post from 2020 from United Kingdom Loans finance news and it been an interesting year so far in relation to finances! Clearly we have the non-stop news agenda around the political climate within the United Kingdom with regards to leaving the European Union. But will leaving the European Union actually have any impact upon the average United Kingdom residents finances? Here are United Kingdom Loans we strongly believe that the United Kingdom will not be negatively impacted by leaving the European Union; particularly, when are considering finances and indeed it could even be argued that the finances could potentially improve for the average British resident. So how is it possible to protect your finances during what may be an interesting and bumpy period. One of the most stable areas of investment in the UK continues to be bricks and mortar.

Interest Rates and Financial Stability

Although there has been many commentators who have expertise within the finance sector who have commented and indeed predicted over many years that the housing industry will collapse, this is yet to happen. The only significant negative impact the financial sector could have in terms of housing would be an increase in interest rates. Now although this would clearly have a devastating impact upon those who are unable to have a fixed rate mortgages over lengthy periods of time, this could potentially have an impact upon the financial stability of the United Kingdom. There are however no warnings from the UK government around any potential rise in interest rates and therefore here United Kingdom loans we continue to believe that it is safe to invest.

If the interest rates were to rise then unless you are on a fixed rate mortgage then you may have to incur additional monthly costs and this must always be factored into any household budget. Believe it or not there are people within the United Kingdom that have savings and/or retirement fund sitting around not really working for them. Many people are hoping for interest rates to rise and therefore the chunk of savings they have can potentially increase in value over a protracted period of time. We do not however think this is going to happen any time soon and for those people who are sitting on large retirement pots gathering tiny amount of interest, your money could potentially be elsewhere in more efficient investment opportunities. In terms of United Kingdom’s business model moving deeper into 2020 we will continue to provide quick short term loans with flexible repayment options irrespective of any financial unrest that may be instigated through our divorce from the European Union.

What Next?

Although we are now post Brexit there really isn’t much to report on the direct impact on the UK financial sector from leaving the European Union. With regards to finances and the average household budgets nothing much has changed. That isn’t to say that there is not going to be a rocky road ahead and the chances are finances will be impacted upon at some point or another, either for the positive or the negative. We suggest people to sit tight on any investments that you have and don’t make any risky decisions until the political climate has stabilised, and we fully understand the ramifications are for leaving the European Union.

Registered Address: Newport House, Newport Road, Stafford, Staffordshire, United Kingdom, ST16 1DA Company Registered Number 11508489 | Financial Services Register Number 843158 Rhumsaa Finance Limited is an Introducer Appointed Representative of Nouveau Finance Limited. Nouveau Finance Limited is authorised and regulated by the Financial Conduct Authority, entered on the Financial Services Register under reference number 727348, and licensed by the Information Commissioner’s Office under reference number Z3624187.

If you are struggling with debt then you may want to contact Step Change or National Debt line for help and support, Step Change and National Debt Line

Footnotes

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United Kingdom Loans does not make credit decisions and is not a lender. United Kingdom Loans introduces customers to Nouveau Finance Limited, who match customer’s loan applications with lenders on their panel based on the information you provide. United Kingdom Loans may receive commissions for introductions. This website does not directly endorse a particular product or service. Information on our website should be taken as opinion only. Loans for UK based customers only. Loans are subject to status and satisfactory affordability checks. Over 18’s only. Default charges may apply if you do not repay on time. Short term loans are not suitable for longer term borrowing needs.

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Non Payment Implications

The implications of non-payment of your loan could include adverse details being included in your credit report. This could adversely affect future attempts at securing credit or finance, in additional to further charges potentially being added by the lender. Where you miss a payment entirely, you will often incurr a charge / fee that will be added on to the total amount that you owe. Upon a missed payment, lenders will often try to contact you by telephone or letter in order to recover the funds and they may be able to arrange a new repayment date with you. If you are struggling, or think there is a possibility that you will not be able to meet repayments, Rhumsaa Finance strongly recommends that you contact the lender in the first instance.